NexLiving Communities Inc. (‘NexLiving' or the ‘company') announced that its anticipated acquisition of a 100% interest in Northpoint Management Inc. from Sheaco Holdings Inc. is on track to close on or before February 28, 2023. Northpoint's key assets are two newly built multi-family buildings comprising 75 units each located at 2251 Mountain Road and 2261 Mountain Road, Moncton NB. As of the date of this release, 148 out of the 150 units have been leased, which implies 99% average occupancy for the two properties.

The company previously announced its intention to acquire these buildings on November 4, 2021, and announced on December 5, 2022 that the amended purchase agreement had been executed. The company has received conditional approval from the TSX Venture Exchange for the acquisition and is expected to fulfil the remaining conditions precedent to the acquisition prior to closing.